South African Maritime Safety Authority Act, 1998 (Act No. 5 of 1998)Chapter 4 : FinancePart 1 : General38. Maritime Fund |
| (1) | A fund, called the Maritime Fund, is hereby established under the control of the Minister. |
| (2) | The Authority must administer the Fund in the prescribed manner and the accounts relating to the Fund must be audited annually by the Auditor-General. |
| (3) | There is to be paid to the Fund amounts equal to amounts received by way of penalty, fine or forfeiture by the State for contraventions in terms of the laws referred to in section 2(2). |
| (4) | Money in the Fund may be applied only for the purpose of furthering the objectives of the Authority referred to in section 3. |
| (5) | Money in the Fund that is not required for immediate use must be invested with a bank registered under the Banks Act, 1990 (Act No. 94 of 1990). |
| (6) | Money in the Fund at the end of any financial year must be carried forward as a credit to the Fund to the ensuing financial year. |
| (7) | The Chief Executive Officer is the accounting officer of the Fund charged with the responsibility of accounting for money received and expenditure incurred by the Fund. |